Passenger Car Segment to Lead India Automotive Components Market through 2024

Increasing automotive production and various government initiatives to fuel India automotive components market through 2024

According to TechSci Research report, “India Automotive Components Market By Vehicle Type, By Component, By Demand Category, By Region, By Company, Competition, Forecast & Opportunities, 2014 – 2024”, India automotive components market is projected to grow at a double-digit CAGR through 2024, owing to high automobile sales and increasing middle class income in the country. Moreover, presence of key automotive players is positively impacting India automotive components market. India is a major exporter of automotive components to different nations across the globe. Owing to rising demand for automobiles in domestic as well as international markets, the country’s automotive components market is expected to grow at a high rate during the forecast period.

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Passenger car segment dominated the market in 2018 and the segment is likely to continue its market dominance through 2024, on the back of expanding passenger car fleet size, rising sales of passenger cars, growing disposable income and increasing consumer preference for passenger cars. On the basis of component, engine parts segment is anticipated to lead the market, on account of increasing number of international automobile companies setting up their manufacturing plants in the country. As per Government of India, by the end of Automotive Mission Plan 2016-2026, automotive sector in the country is projected to contribute 12% to the country’s GDP and generate total revenues of $ 300 billion by 2026

Prominent automotive component giants such as Bosch Limited, NGK Spark Plugs (India) Pvt. Ltd., Federal-Mogul Goetze Limited, Denso India Limited, Spark Minda, Cummins India Ltd., Asahi India Glass Ltd., Subros LTD., Anand Automotive Systems Limited and Bharat Forge Limited are expanding their product offerings to boost their customer base. The traction of connected vehicles is increasing and players such as Bosch have started investing in IoT to offer mobility solutions and connected vehicles.

“Availability of low-cost resources coupled with various initiatives taken by the government such as ‘Make in India’ is attracting international automobile companies to establish their manufacturing facilities in the country. India is emerging as a hub for foreign car manufacturers, consequently, several automobile companies are planning to invest in India automobile market. As a result, automotive components market in the country is expected to register strong growth over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Automotive Components Market By Vehicle Type, By Component, By Demand Category, By Region, By Company, Competition, Forecast & Opportunities, 2014 – 2024” has evaluated the future growth potential of India automotive components market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India automotive components market.

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